MHI Thermal Systems Concludes Agreement with Beijer Ref to Collaborate in Air-Conditioning and Heat Pump Business in UK and Ireland

- New UK-based JV with major European company to focus on strengthening competitiveness- Engineering and consulting functions to reinforce sales and servicing operations

TOKYO, Mar 13, 2018 - (JCN Newswire) - MHI Thermal Systems, Ltd., a Group company of Mitsubishi Heavy Industries, Ltd. (MHI), and Beijer Ref AB (Beijer Ref), one of the world's largest refrigeration and HVAC wholesalers, have agreed to pursue a strategic business collaboration in air-conditioning and heat pump products in the UK and Ireland. Mitsubishi Heavy Industries Air-Conditioning Europe, Ltd. (MHIAE), a wholly owned Group company of MHI based in London and Beijer Ref signed a framework agreement on March 12 in London for the establishment and operation of a joint venture company (JV) for the sales and servicing of products. The collaboration is intended to strengthen the close relationship between the two groups in order to significantly expand market share in those markets.

MHIAE is responsible for the sales and servicing of air-conditioning and heat pumps throughout the European market and will expand its business with Beijer Ref's group companies in UK and Ireland by means of this transaction.

The JV, scheduled to begin operations at the end of May, is to be named "3D Plus Limited" and will have both engineering and consulting functions to reinforce the sales and servicing of air-conditioning and heat pump systems. The technical experience of MHI and the distribution expertise of Beijer Ref will be combined to deliver a broader and more focused offering to customers.

Beijer Ref AB, headquartered in Malmo, Sweden, operates through group companies in 34 countries worldwide. It has operating bases throughout the UK and Ireland, providing products to the refrigeration industry.

MHI Thermal Systems will utilize the Beijer Ref network within the UK and Ireland and provide highly efficient and natural refrigerant CO2 products for environmental interests and prevention of global warming.

About Mitsubishi Heavy Industries, Ltd.

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial firms. For more than 130 years, we have channeled big thinking into solutions that move the world forward - advancing the lives of everyone who shares our planet. We deliver innovative and integrated solutions across a wide range of industries, covering land, sea, sky and even space. MHI Group employs 80,000 people across 400 locations, operating in three business domains: "Power Systems," "Industry & Infrastructure," "Aircraft, Defense & Space." We have a consolidated revenue of around 40 billion U.S. Dollars. We aim to contribute to environmental sustainability while achieving global growth, using our leading-edge technologies. By bringing people and ideas together as one, we continue to pave the way to a future of shared success.